AstraZeneca in talks with Bristol Myers Squibb on $400 billion megadeal

UK pharmaceutical giant AstraZeneca is in talks with U.S. competitor Bristol Myers Squibb for a potential $400 billion merger, a deal that would be one of the largest in history. The discussions follow strong performance by AstraZeneca, whose cancer drugs generated $25 billion in 2025 sales, and come 12 years after it successfully resisted a takeover bid from Pfizer.

AstraZeneca-Bristol Myers merger talks

• ▪The potential merger would value the combined company at approximately $400 billion.
• ▪AstraZeneca and Bristol Myers Squibb have been discussing a potential merger over the last few months.
• ▪If completed, the merger between AstraZeneca and Bristol Myers Squibb would be one of the largest in history.
• ▪Approximately 12 years prior to August 2026, AstraZeneca successfully fended off a takeover bid from its larger U.S. rival, Pfizer.
• ▪UK-based AstraZeneca is considering a merger with its U.S. competitor Bristol Myers Squibb.

Bristol Myers cancer portfolio

• ▪Bristol Myers Squibb is a major player in the cancer-treatment industry, having acquired seven companies since October 2007.
• ▪Bristol Myers Squibb's July acquisition of Medarex added a key drug for metastatic melanoma that is in Phase III trials.
• ▪Bristol Myers Squibb's cancer drug portfolio includes Erbitux for colorectal, head and neck cancer, and Ixempra for breast cancer.

AstraZeneca financial performance

• ▪In 2025, AstraZeneca's cancer treatments generated about $25 billion in sales, while its cardiovascular and other treatments earned about $12 billion.
• ▪AstraZeneca's share price has more than quadrupled during the 14-year tenure of CEO Pascal Soriot.
• ▪AstraZeneca's CFO has expressed confidence that the company will achieve its $80 billion revenue target.
• ▪AstraZeneca's second-quarter results showed strong growth driven by demand for its cancer and rare disease drugs.

AstraZeneca US listing plans

• ▪In 2025, AstraZeneca announced plans for a direct U.S. listing to capitalize on stronger valuations in the U.S. market.
• ▪AstraZeneca plans to remain listed in London in addition to its proposed U.S. listing.

1 source